DWP Updates Funding and Investment Strategy Regulations

The DWP has published an updated draft of the Occupational Pension Schemes (Funding and Investment Strategy and Amendment) Regulations 2024 (the “Regulations“) replacing the draft published on 29 January 2024. The updated Regulations clarify previous ambiguity in the timing of the changes being made. The new funding regime will apply to all actuarial valuations with an effective date on and after 22 September 2024.

The Pensions Regulator has also announced this week that the new defined benefit funding code of practice will be published in the summer.

In this Pensions Note, we look at the key changes being introduced and what steps trustees and sponsors should now take to prepare for the new funding regime.

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